A Study on the Characteristic Analysis on Construction Industry through the Analysis of Sustainable Growth Rate of Domestic Construction Companies - Focused on Higgins Model and Babcock Model -

The Ministry of Construction and Transportation announced the Earned Value Management Since the global financial crisis caused by US sub-prime mortgage turmoil in Sep. 2008, construction industry is under serious difficulties in the management at present about two years to the financial crisis, which are matured PF(Project Financing) loans and at least 50 trillion won of locked up funds by unsold houses, due to the industrial characteristic declining more rapidly than other industries in recession. For this difficulty shown in construction industry, it established the causes not only the depression in construction market overtaken followed by the global financial crisis but also the business strategy of local construction companies excessively weighted towards external growth. In today’s rapidly changing society, such business strategy overly focused on growth only may threaten even the corporate sustainability. Therefore, local construction companies must meet the changes in customer demands and the market and they must focus on the establishment of efficient strategies through the corporate strategic management at the same time. Based on this background, this study analyzed the sustainable growth rate with accounting information of 70 construction companies listed to the market of Korea Stock Exchange during the period from 2005 to 2009 and then analyzed the characteristics shown in those companies classified into the good company group and the bad company group for the corporate activity of construction companies by which the reasonable growth can be maintained while the growth-oriented strategy is still valid.??? ????????? ?????????????????? ???????????? ??????????????????????????????????????? ????????? ????????????????????????(07????????????B03)??? ????????? ???????????? ???????????? ?????????, ??? ????????? ????????? ??? ??????????????? ??? ???????????????????????????????????? ??????????????????